Slide 1: Financial Results Presentation for the 6-month period to 30 June 2022
F I N A N C I A L R E S U LT S P R E S E N TAT I O N for the 6-month period to 30 June 2022 Image: Torrecardenas (Almeria, Spain)
Slide 2: Highlights 1H 2022: Financial performance
Highlights 1H 2022 Financial performance • Increase in distribution of 0.9% to 1.625 EUR cents per share • Payout ratio 92.6% - increase in retained earnings • NAV per share decrease to 36.43 EUR cents › Affected by movement in the Hammerson share price with a recovery post 30 June (current NAV per
Slide 3: Highlights 1H 2022: Portfolio performance
Highlights 1H 2022 Portfolio performance • Acquisition of Torrecárdenas for EUR 162.5 million on 10 March 2022 › Net initial yield 6.4% › Good strategic fit in the portfolio with upside potential • Execution of development projects • Performance metrics: › Strong recovery in sales compared to 2019 (
Slide 4: Overview | Strategy and Environment
Overview | Strategy and Environment 4 Lighthouse Results Presentation Image: Torrecardenas (Almeria, Spain)
Slide 5: Strategy
Overview Strategy Investment Strategy • Dominant and defensive retail malls in economically strong jurisdictions in Western Europe • Large and mid sized growing cities with strong economic underpin and growth • Key locations on busy commuter routes or transportation hubs • High quality tenant base •
Slide 6: Strategy: Operational
Overview Strategy Operational • Prudent balance sheet management › Board policy of LTV < 35% › Manage interest rate and currency risk › Liquidity management • Operational efficiency • ESG: Environmental focus Image: Torrecardenas (Almeria, Spain) 6 Lighthouse Results Presentation
Slide 7: Environment
Overview Environment Macro Environment Operating Environment • Inflation pressures on consumers • Focus on collections and cash • Retailer input cost pressure • Leasing activity robust • Increased energy costs • Execution of projects Retail Sector Financial Environment • Sustained trend of consolida
Slide 8: Financial Results
Financial Results 8 Lighthouse Results Presentation Image: Rivetoile (Strasbourg, France)
Slide 9: 6-months ending June 2022
Financial Results 6-months ending 30 June 2022 2022 2021 6 month period 6 month period Key indicators June June Shares in issue 1,623,501,276 1,249,091,776 Distribution per share (EUR cents) 1.625 1.610 Growth in distribution (%) (period-on-period) 0.9% 2.2% Pay-out ratio (%) 92.6% 89% NAV per share
Slide 10: Funding
Financial Results Funding Long term borrowings Interest rate 1 Maturity date Balance EUR LTV ING Consortium Fixed 2.15% Nov 2024 78,512,750 41.3% NLB Bank Euribor + 2.75% Dec 2026 19,970,569 24.5% Deutsche Bank Euribor + 4.50% Sep 2023 40,064,110 Natixis Consortium Euribor + 3% Sep 2027 99,646,875 3
Slide 11: Investment Portfolio
Investment Portfolio 11 Lighthouse Results Presentation Image: Torrecardenas (Almeria, Spain)
Slide 12: Hammerson
Investment Portfolio Hammerson • Shareholding 22.48% at 30 June 2022 • Increase in adjusted earnings to GBP 51 million (+154% year-on-year) › Ahead of market expectations • Property values stable • Reduced headline LTV to 37% › LTV of 45% on a fully proportionately consolidated basis • Enhanced scri
Slide 13: Overview of Property Portfolio
Investment Portfolio Overview of Property Portfolio ² Fair value Property Ownership % Acquisition date ¹ GLA m² (EUR) Forum Coimbra 100% 31-May-17 ³ 33,843 183,867,000 Torrecardenas 100% 10-Mar-22 61,589 165,370,000 Rivetoile 75% 30-Sep-21 28,301 72,280,384 Saint Sever 75% 30-Sep-21 ⁴ 34,781 71,700,
Slide 14: Tenant base
Investment Portfolio Tenant base Inditex Group 2 Fashion Cube 0% 1% 2% 3% 4% 5% 6% 7% 8% 1. Excludes grocers that form part of malls but are not owned (e.g., E’Leclerc at Saint Sever) % of contractual revenue revenue at June 2022 ¹ 2. Excludes Primark at Saint Sever as this store is currently under
Slide 15: Footfall and Sales
Investment Portfolio Footfall and Sales Portfolio Sales & Footfall vs 2019 40% 20% 0% -20% -40% -60% -80% -100% Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Footfall Sales Image: Docks Vauban (Le Havre, France) 15 Lighthouse Results Presentation
Slide 16: France
Investment Portfolio France Performance metrics • Footfall: -21.1% compared with 2019 › Q2 2022 -18.5% • Turnover: -11.2% compared with 2019 › Q2 2022 -7.5% • Vacancy: 8.7% • Collections: 90.6% New brands opening • Docks Vauban: Chaussea, Timberland, Footkorner and The Hemp Concept • Docks 76: La Cu
Slide 17: Iberia
Investment Portfolio Iberia Performance metrics • Footfall: -3.3% compared to 2019 (Q2 2022 +1.8%) • Turnover: +4.9% compared to 2019 (Q2 2022 +10.9%) • Vacancy: 1.4% (effectively fully let) • Collections: 97.5% Coimbra • Strong leasing activity › 15 new leases and renewals signed – all renewals inc
Slide 18: Slovenia
Investment Portfolio Slovenia Performance metrics • Footfall: -18.1% compared to 2019 › Q2 2022 -14.1% • Turnover: +4.9% compared to 2019 › Q2 2022 +9.3% • Vacancy: 0% (fully let) • Collections: 95% Leasing and projects • Project completed June 2022: • Bershka expansion completed • Introduction of T
Slide 19: Asset Management
Asset Management 19 Lighthouse Results Presentation Image: Docks Vauban (Le Havre, France)
Slide 20: Docks Vauban
Asset Management Docks Vauban DCM Jennyfer Sports Retailer Wooden decking Accrosport Fitness Prospective Tenant Lidl Opened in Oct. 2021 Commercial terms refurbished Renewed for 10 agreed Negotiation with prospective tenant Introduction of food anchor to open Q4 2022 GLA: 1,100m² years GLA: 416m² GL
Slide 21: Docks Vauban
Asset Management Docks Vauban Image: Docks Vauban (Le Havre, France) Image: Docks Vauban (Le Havre, France) 21 Lighthouse Results Presentation
Slide 22: Lidl project at Docks Vauban
Asset Management Lidl project at Docks Vauban • Introduction of grocer anchor to Docks Vauban • GLA of 2,500m² • Building permit received in Q1 2022 • Unit handed over in Q2 2022, opening scheduled in Q4 2022 • Ongoing works for new delivery ramp and new lifts connecting the supermarket with the mul
Slide 23: Saint Sever Initiatives
Asset Management Saint Sever Initiatives Strong pre-leasing activity Ground floor Terms agreed for 2,530m² GLA First floor 12 units under negotiations totaling more 6,400m² GLA Out of the total surface under negotiation 5,200m² would occupy vacant units 111 Relocated elevators for improved visibilit
Slide 24: Primark project at Saint Sever
Asset Management Primark project at Saint Sever • Introduction of Primark to Rouen › 1st Primark store in Rouen and 2nd in Normandy (after Docks Vauban in Le Havre) • Total GLA of 6,709m² with 2,536m² on ground floor and 4,173m² on 1st floor • Pay points and exit into the mall on the 1st floor › Exp
Slide 25: Biltoki foodhall project at Docks 76
Asset Management Biltoki foodhall project at Docks 76 • 25 local food artisans from Normandy with a central bar and coffee shop • Contemporary setting managed by professional food-hall operator Biltoki (9 locations across France) • Landlord works finalised, with unit handed over Q1 2022, schedule
Slide 26: Refurbishment and expansion project at Forum Coimbra
Asset Management Refurbishment and expansion project at Forum Coimbra Refurbishment • Food Court refurbishment is progressing well – completion expected Q3 2022 • Internal playground being developed for Q4 2022 • Total project completion date expected Q1 2023 Expansion • Project design expected to b
Slide 27: Introduction of Ilusiona at Torrecardenas
Asset Management Introduction of Ilusiona at Torrecardenas Image: Torrecardenas (Almeria, Spain) 27 Lighthouse Results Presentation
Slide 28: Outlook
Outlook 28 Lighthouse Results Presentation Image: Torrecardenas (Almeria, Spain)
Slide 29: Outlook
Outlook • Impact of pandemic now minimal • Malls trading well despite the current tough macro-economic environment • Asset management opportunities identified within the portfolio • Actively seeking acquisitions opportunities in line with strategy • Partial disposal of 15% of Retail Property Investm
Slide 30: Questions
Questions 30 Lighthouse Results Presentation Image: Torrecardenas (Almeria, Spain)